Check out the businesses making headlines earlier than the bell:
JPMorgan Chase (JPM) – JPMorgan Chase was down 2.9% in premarket buying and selling after falling 12 cents shy of estimates with a quarterly revenue of $2.76 per share. It additionally introduced it was quickly suspending share buybacks. CEO Jamie Dimon stated inflation, waning shopper confidence and different components have been more likely to have a destructive impact on the worldwide economic system.
Morgan Stanley (MS) – Morgan Stanley reported quarterly earnings of $1.39 per share, 14 cents shy of consensus estimates, with the funding financial institution’s income additionally falling brief. The financial institution noticed weaker funding banking exercise throughout the quarter, though it stated leads to fairness and mounted earnings have been robust. Morgan Stanley misplaced 2.6% within the premarket.
Taiwan Semiconductor (TSM) – The chip maker’s inventory rose 1.5% within the premarket after second-quarter earnings beat analyst estimates. Taiwan Semi additionally raised its income forecast for the yr. Results bought a lift from robust markets for automotive and IoT chips.
Ericsson (ERIC) – The Sweden-based telecom gear firm reported a revenue that missed analyst estimates, damage by larger prices for elements and logistics. Ericsson shares tumbled 9.1% in premarket buying and selling.
Twitter (TWTR) – Twitter added 1.1% in premarket motion, on prime of a 12.6% bounce over the previous 2 periods. Wednesday’s almost 8% acquire got here after Twitter sued Elon Musk to power him to undergo with a $44 billion takeover deal. Twitter additionally stated in an SEC submitting that it isn’t planning company-wide layoffs however could proceed to restructure the corporate.
Conagra (CAG) – The meals producer reported an adjusted quarterly revenue of 65 cents per share, 2 cents above estimates, with income primarily consistent with forecasts. Conagra noticed an affect from larger prices, with working margins falling by 310 foundation factors.
Cisco Systems (CSCO) – J.P. Morgan Securities downgraded the networking gear maker’s inventory to “neutral” from “overweight,” based mostly partly on what it sees as draw back dangers to enterprise spending ranges. Cisco fell 2.2% within the premarket.
Dollar General (DG) – The low cost retailer’s inventory fell 2.3% within the premarket after Citi downgraded it to “neutral” from “buy,” noting that the shares are inside 4% of its value goal. Citi additionally feels the just lately introduced CEO transition shall be clean and doesn’t affect its view of the inventory.